Nvidia Stock Reaches Record High Amid AI Demand

Nvidia (NVDA) shares closed at a record high on Monday, reflecting rising optimism on Wall Street regarding the company’s performance. The stock price jumped by 4.14%, settling at $143.71 per share, and continued to climb in after-hours trading. Earlier in the day, Nvidia's stock had peaked at an intraday high of $142.46, according to Barron’s. Overall, Nvidia's shares are up by 198.34% this year alone.

Analysts Boost Price Targets

Bank of America recently raised its price target for Nvidia's stock from $165 to $190, indicating strong confidence in the company’s leadership in the semiconductor market and its significant opportunities moving forward. Research analyst Vivek Arya explained this adjustment was influenced by "recent industry events" that highlight Nvidia's ongoing success in the AI sector. Arya also mentioned that Nvidia is increasingly preferred as a partner in enterprise AI applications.

Market Performance and Competitors

Last week, Nvidia’s stock hit an intraday high following a positive earnings report from Taiwan Semiconductor Manufacturing Company (TSMC), which beat analysts’ expectations. As a result, Nvidia's stock rose over 3% on that news, reaching an intraday record of $140.89 on Thursday. The previous record high before that was on June 20, where shares hit $140.76.

For the quarter ending September 30, TSMC reported revenues of NT$759.69 billion (approximately $23.5 billion), which marks a 36% year-over-year increase in U.S. dollars and a 12.9% rise from the previous quarter.

However, Nvidia's stock experienced a decline of more than 4% last Tuesday after achieving a record closing price of $138.07. This downturn was reportedly linked to concerns over a potential U.S. government move to restrict sales of advanced artificial intelligence chips from American companies to certain countries.

Nvidia, Stocks, AI